PT Sawit Sukses Sejahtera, a wholly owned subsidiary of palm oil producer PT BW Plantation Tbk (BWPT), has secured loan facilities of Rp1.30 trillion from PT Bank Rakyat Indonesia Tbk (BRI).
Pointo Pratento, BW Plantation's Director, in an official statement sent to Indonesia Stock Exchange yesterday, said the facilities are consisting of investment credit of a maximum Rp1.26 trillion and working capital credit of Rp46.50 billion.
According to him, the investment credit, mature in 8 years including 3 years of grace period, is consisting of plantation credit of Rp1.04 trillion (including interest during construction of Rp221.50 billion), and investment for palm oil production facility of Rp221.50 billion (including interest during construction of Rp18.50 billion).
The facilities will be charged annual interest rate of 10% and payable in each quarter. The loans are pledged by rights of land of 20,220 hectares in Senyiur village, Kutai, East Kalimantan, plantation, fixed assets of Sawit Sejahtera, and production facility which will be constructed.
Sawit Sejahtera can draw down the facility starting from 2011 to a maximum of 5 years after it signed the agreement on September 12 2011.
BW Plantation will use the working capital, mature in 48 months and charge a 10% interest annually, to maintain plantation at productive age.
Disclosure: No position at the stock mentioned above.
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